G20 energy ministers will hold an extraordinary meeting in a remote format on Friday, April 10, in order to “ensure the stability of the energy market,” Reuters reports. It is clarified that the initiative belongs to Saudi Arabia.

Earlier, Bloomberg reported that an OPEC + meeting was planned for April 9, which would most likely be followed by a meeting of G20 energy ministers. Russia, Saudi Arabia and other major oil producers intend to conclude an agreement to reduce oil production in order to stop the collapse in its prices. At the same time, they are interested in the United States taking part in the negotiations, but President Donald Trump has not given clear consent to participate in the OPEC + meeting yet.

Recall that in early March, OPEC + countries were unable to agree on a further reduction in oil production. From April 1, participating countries can increase production. Amid the collapse of the OPEC + deal and the COVID-19 pandemic, oil prices fell to twenty-year lows. April 3, Russian President Vladimir Putin announced the country's readiness to reduce oil production under certain conditions.